![Budget may go vocal for higher local procurement](https://cdn.magzter.com/1547192204/1720552266/articles/Ue8If8vyvNzrOcZEMxEsys/BUDGET-MAY-GO-VOCAL-FOR-HIGHER-LOCAL-PROCUREMENT.jpg)
To boost domestic manufacturing under the Make in India initiative and reduce dependency on imports, the government is expected to announce in the Budget an increase in the minimum local content requirement for public procurement, with certain sectors being granted exceptions.
Currently, firms producing goods, services, or works with at least 50 per cent local content are classified as ClassI local suppliers and are preferred the most in government procurement. Class-II local suppliers, whose goods, services, or works have 20-50 per cent local content, receive second preference. Non-local suppliers, with less than 20 per cent local content, are generally the PAGE 4 least preferred under the Public Procurement Order, unless no Class-I or Class-II suppliers are available for a specific need.
This story is from the July 10, 2024 edition of Business Standard.
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This story is from the July 10, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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